Published On: Fri, Aug 31st, 2018

CFT: public finances become unsustainable

Cft - 1WILLEMSTAD - The Curaçao economy is in serious decline. The government took into account a growth scenario of 0.3 percent, but that was adjusted by the Central Bank (CBCS) to a contraction of 1.6 percent yesterday.

The Financial Supervision Board (CFT) concludes at the same time that, partly because of this, public finances have become unsustainable. For a large part, the slump is due to the economic crisis in Venezuela, the most important trading partner of Curaçao.

In the past three years, politicians have reacted too late to the signals of economic decay and now have to drastically cut costs or increase burdens to get the budget balanced, according to the CFT.

The government has now announced a package of austerity measures. "Curaçao is given three weeks before The Hague will give a compelling instruction for the second time in eight years to put things in order."

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